About the middle of the 20th century, England had high tax rates for the wealthy, in some cases exceeding 100% of all money over a certain amount. What happened was that the wealthy got happy feet and left the country. Is there any reason to expect something different to happen here? Remember the definition of insanity: Doing the same thing again but expecting different results this time.
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No man's life, liberty, or property are safe while the legislature is in session.
--Mark Twain (1866)